Why is the pension fund ailing? It’s a government run program.
Chicago is probably the worst offender, but most pension funds will have issues because of the Fed drive to zero interest rates in support of ever higher deficits & increased borrowing.
Pension fund returns were based on a mix of corporate & gov’t bond returns averaging 5-6% and then stocks providing another couple % for a blended return of 7-8%. Safe basic widow & orphan investments that do not exist today